Brent oil price exceeds $100 per barrel due to war in the Middle East

Brent crude oil prices have topped $100 a barrel for the first time since July amid renewed war in the Middle East and concerns about oil supply disruptions.

Reuters writes about this.

Brent is currently trading at around $100.5 per barrel, up 2.6%. US WTI is trading at $94.97, up 2.09%. Brent has risen by around a quarter since the beginning of August.

In particular, prices rose due to attacks by Iran-backed Houthis on energy facilities in Saudi Arabia. The US also struck several Iranian oil tankers, after which Iran attacked a US military base in Jordan and ships.

Saudi Arabia has already redirected some of its exports to bypass the Strait of Hormuz, but continued attacks on energy infrastructure and shipping could further reduce global supplies.

Analysts warn that a prolonged rise in oil prices could fuel inflation, especially in countries that are heavily dependent on energy imports.

What about the Strait of Hormuz?

The Strait of Hormuz is a key route for global oil exports. On August 31, the United States and Iran exchanged blows for the first time in recent memory. After that, world oil prices rose by more than 2%, with Brent exceeding $90 per barrel.

The countries traded blows again on September 2, when Tehran attacked American targets in the Middle East, followed by Washington striking Iranian military targets. Washington and Tehran also traded blows on Sunday, September 6. The US military struck three Iranian oil tankers after the IRGC launched ballistic missiles at US Navy ships.

Traffic through the Strait of Hormuz fell by a third in early September. During this period, an average of five ships passed through the strait daily — almost a third less than the usual figure of 14.

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